Purchase Apartment Building in Ontario, Canada

[Priya Ramanathan]

I'm a new Real Estate agent from Mississauga, ON and I'm fairly new to BiggerPockets as well. I have been loving it so far and I have learnt quite a bit from the various forums and articles I've been reading.  

I own a few investment properties currently and I'm now looking to UP my game and go for an Apartment Building (anywhere in Ontario - preferably closer to Greater Toronto Area). I have been looking at buildings with cap rates of 6.0 or less. It just seems impossible to find a building with a cap rate higher than 6.0 or 6.5. I'm keen on getting a building with a high cap rate (as is the case with anyone). I'm not sure if I'm looking for the right thing.

Is there anything else I should be looking for when considering to buy an apartment building?

Also, can anyone help me find ways to locate these deals that obviously don't show up on MLS? I'm looking for buildings up to $1.5 Million.

I'm ready and willing to invest as soon as I spot the right deal - I'm also open to partnering with someone.

Any help / advise is SO much appreciated.

[Thomas S.]

It is not practical in Ontario to gamble on increasing rents to improve returns when purchasing larger properties. Getting rid of low rent tenants is like getting rid of cancer. The cure is often worse than the disease and the success rate is very low.